As foreign exchange rates going up and down with every passing minute, it can be hard determine the best time to get best exchange rates especially when you are travelling abroad.
Apart from the country or state you are about to visit, currency exchange rates can either help you get great good deals or make your trip expensive more than your imaginations. That is the reason, you should do proper research to make most from your money and below is the guide on how to get best exchange rates while travelling.
Check your bank fees for foreign transactions
Oftentimes, you can get best exchange rates by using your credit or debit card when buying stuff from foreign country or withdrawing cash from the ATM machine. So always check your bank fees for foreign transaction to avail best rates if they are providing.
If a branch of your bank is also available in the country to be visited, you should go there to execute all your money related transactions in order to save as much as you can. Most of banks and credit card companies often charge their users as 3 to 5 percent on foreign transactions.
Stay on the top of current exchange rates
Before leaving the home, you should be aware of the current exchange rates to make sure someone is not charging you more than mentioned. Staying aware of current rates is the powerful tool that can keep you away from bad rates as you will be able to negotiate for best possible rates.
You can also use international money transfer app to check the current exchange rates as most of the apps provide you current rates and trends as well.
Use your credit or debit card
If your bank is charging you a fewer pennies as international or foreign transactions, feel free to use credit or debit card in order to make purchases in order to prevent increased ATM fees when withdrawing cash for purchases.
Also confirm the charges before making transactions via ATM machines to save travel money. You will be able to find a better and less charging ATM by comparing different ATMs available at the spot.
Plan your budget
Always avoid carrying extra cash with you when travelling abroad in order to save money in terms of bad exchange rates. You can easily do it by creating a budget plan for vacations or travelling. A lot of budgeting apps and computer software are available that can be used to plan your budget conveniently.
Having enough cash in your wallet will definitely help you prevent high currency exchange rates.
Lock the rates
As my international money transfer app allows me to lock the best possible exchange rate throughout the day, you can also lock the rates to convert your currency into more cash instead of losing.
Through this way, you can save a lot of pennies that an exchange agent may take away from you in terms on high currency exchange rates
Avoid the exchange companies and booths
After landing the safely at airport, you may find the exchange companies and booth convenient to get your currency exchanged in the currency of that country, but they usually are expensive because they frequently charge high rates in return for the ease.
If you really need to exchange your money, then try to find a well known bank or currency exchange companies outside the airport or station to save your money.